Daily Gold & Silver Market Report – 7/13/2015

Paul Stevens

7/13/2015 12:13:00 PM

METALS FLAT AS GREECE STRIKES DEAL

Precious Metal prices are flat during morning trading hours. As Greece finally reached an agreement to repay their debt, the euro lost ground against the U.S. dollar. This, along with the notion the Federal Reserve is still on track to raise interest rates this year, has weighed on Gold and Silver, though the specifics of a rate hike are still being debated. Sharps Pixley CEO Ross Norman said, “Gold has failed to perform throughout the crisis, while the expectation for a rate hike in the U.S. has gone on for so long that the Gold price is now close to the cost of production.”

Although a Greek debt deal has been reached, many are not convinced the situation is completely over. President Clinton’s Secretary of the Treasury Larry Summers said the situation still calls for “substantial concern and there's a lot that could go wrong down the road.”  However, Summers added, the recent meltdown of the Chinese stock market represents “greater source of financial risk to the world.”

At 1:12 P.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,159.60 Down $1.70
• Silver, $15.55 Down $0.04
• Platinum, $1,036.60 Up $3.30
• Palladium, $660.10 Up $7.80

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